Topic: Easy Solution to the Denomination of Bit Coins (Read 1636 times)

Can we maybe not change BTC into it's smaller denominations? If exchanges start doing that, prices will drop like a rock, and the media will screw us around saying that it was inflated, not safe, etc.

There is no problem! It is VERY easy once you see what they are, and if you have to, print out a copy of the denominations and such!

There was a thread about this, just go look.

And buying 100 Bitcoins with $50 will definitely make Bitcoin look unsafe, regardless what you do. Good luck trying to convince people otherwise.

Plus, the limit SIMPLY WILL NOT ALLOW FOR 21 BILLION! That is like saying 0.1 is a bitcoin, and thus why is there still a "ones" and why is it divisible only to 7 places?

If ANYONE does this, I'm selling all my Bitcoin. The price will plummet because someone didn't do their stuff right and screwed up how Bitcoin is viewed.

We don't care about your big numbers. Live with smaller denominations.

In my opinion the best solution now is to rename the mBTC in BTC.

Our current BTC will become kBTC. People who hoard 1 Bitcoin now, will have 1000 Bitcoin after the redenomination and there will be 21 bilion bitcoins around.

Bits could still be used as of 1/1000 BTC, it is simpler to convert than 1/1.000.000.

Think about it. With the price of 0.62 $ per btc many people will now invest in bitcoin, because they will have the feeling of hoarding a lot of them. A lot of friends told me they didn't want to invest in bitcoin because it is too expensive, they do not want to buy just a fraction of it, feels like nothing to them.

If with 50 $ they will be able to buy nearly 100 bitcoins, they will feel much better.

What do you think?

Interesting, except the 8th decimal place is not the last possible division, so the 9th place is a satoshi subunit currently.

never did understand all this hullabaloo. i have always said "point oh 1" for 0.01 btc and such. works fine.

I don't really think there is a "problem" with the denomination of bitcoin.

I think it works perfectly fine as is. I don't think we need to change the name to satoshi.... nor switch to mBTC, etc.

please will people PLEASE!!!!!!!!!!!!!!! search the other dozens of threads of this same topic.. you are all posting the same waffle that has been argued before..

calling a smaller denomination a bitcoin is like calling a gram of gold a tonne.. simply so the poor people can shout "hey i have 2 tonnes of gold" then when people actually check the balance of these people, they will laugh and say, sorry sucker you only have a couple grams.. your still poor.

leave bitcoin as it is and call a denomination something else.

Actually this is possibly the best solution I have heard, we are married to 1.0 BTC being called a "Bitcoin" but when it becomes necessary to change the denomination because everyone is using .00001 BTC's, why not call .00001 a "Bitcoin"? Instead of trying to invent some clunky name for .00001.

I think it's a good idea. Will most likely never happen, but it's a good idea. It solves the problem of wanting to use smaller denominations instead of confusing decimals, but at the same time wanting to be trading "bitcoins" not "millibits" or "bits" or whatever people are trying to come up with.

I think we should just keep the denomination the same as it is now as being "bitcoin"

The price of bitcoin is not high enough now to warrant a change to the denomination. When the prices gets to the point so that mBTC is a few dollars then we can discuss changing the denomination

You got the point here.
I think, most important thing is to use unified nomenclature, so everyone would understand.

Your idea is clear to me but it's not a solution actually. And you know why? Because denomination works in other way, and giving bitcoin another name will bring us to the same point in a few month.

in egyptian times they thought all they needed was to measure gold in tonnes* and gold dust**... now we have grams and ounces

*if an elephant could not pull it, it was more then a tonne

** labour and daily spend

so i think that "bitcoin" will be the measure for the investment market. and small amounts for the daily spend stuff. and thats why this debate started 10 months ago as people hate to see 0.0000 (lots of decimal zeros)

milibitcoin is still too large and is a temporal fix for the multi zero decimal annoyance. but yea i agree it will mess it up as soon later even that would start breaking down into multiple decimals..

thats why those with actual businesses and needs for a stable measure have gone with the 100satoshi measure. and most of them have agreed and started using the word 'bit' as a shorter and easier way to say μbtc.. as 'bit' sounds easier the 'you-be-te-see'.

for average USERS, it does not matter, say it however you like. but for MERCHANTS and BUSINESSES, the discussion as drawn on for far too long and most have already startd using 'bit'

so this matter is just stirring a pot that has no ingrediants, and will not really do much but waste your energy.

in short the decision has been made. i am sorry to all the glory hounds that want their 15 minutes of fame by trying to be the one that names something. but that day has passed..

now can someone lock this thread as there are 100 more threads that people can talk on with denomination opinions, if they actually had one that actually held some actual chance of sounding better..

now can everyone before replying. PLEASE search the forum, (its easy) and use the other pre existing threads!

I'm only using BTC and satoshi terms, and that's enough for me.
There's no need to mess it up even more in my opinion.

Have some more coffee, you need it.

Another denomination discussion, since their is no poll with this one, I will cast my vote by just saying no. Using all three together makes most sense to me: Bitcoin, Bits, and Satoshis. 1.0000000BTC = 1,000,000.00 Bits  - 100 Satoshi = 1 Bit

I still think we are quite sometime away from people adopting a new defacto name and denomination.

Edit: Since no one said it earlier: You can spell it "Bitcoin", its not two words "Bit Coin".

alot of people have already begun using 'bit' in their services, and this debate has gone on for 10 months+ now.....

unless YOU are a service provider, and you hate bit.. then simply use a different term yourself. as for those service providers already using bit, they obviously dont see it as a problem.

moving on

Why do people find it necessary to slate other peoples ideas? After all it is only an idea 

This isn't a solution. And there isn't even a problem in that regard that needs to be solved.

It must be a joke.

This is the worst 'easy solution' that anyone has ever suggested for this non existent problem.

This is really confusing and unnecessary. The existing system is sufficient as it is.

Thats even harder to understand unless bitcoin price are over 10.000

I like the way it is now Bitcoin , mBitcoin